Daily Morning Note – 8 April 2020

WEEKLY MARKET OUTLOOK WEBINAR

PHILLIP SUMMARY

US stocks gyrated on Tuesday as markets grappled with the latest figures on the coronavirus outbreak, while oil prices tumbled in a volatile session ahead of key talks by petroleum producers.

After a torrid Monday rally in New York that boosted European and Asian markets on Tuesday, Wall Street appeared poised for a second straight positive session, with the Dow piling on almost 1,000 points at its session peak.

But the rally soon faded. The coronavirus crisis has forced markets to try to wade through a series of conflicting data on the course of the disease in recognition that the economy will only be able to return to normal once the virus is under control.

BREAKING NEWS

BANKS will see their capital and liquidity requirements adjusted to help sustain their lending activities amid the Covid-19 pandemic, among other fresh measures announced by the Monetary Authority of Singapore (MAS) in a statement on Tuesday.

DBS Bank has again doubled the quantum of its digital business loan for small and medium-sized enterprises (SMEs) to S$200,000, to give firms access to more substantial working capital to weather the Covid-19 economic fall-out.

Olam International is keeping processing facilities operational where local regulations allow, and maintaining business operations to serve customer needs in most markets it operates in, it said in a bourse filling on Tuesday.

Snapask has joined hands with media and property group Singapore Press Holdings (SPH) to provide primary and second school students with resources free of charge, to support their home-based learning.

SINGAPORE Press Holdings (SPH) reported a 9.3 per cent fall in net profit to S$77.6 million for the half-year ended Feb 29, 2020 as newspaper print advertisement revenue took a hit.

Fu Yu Corporation will continue its Singapore operations during the circuit-breaker period imposed by the government, as it provides manufacturing services that are part of the essential supply chain.

Yangzijiang Shipbuilding’s executive chairman Ren Yuanlin has stepped down and made way for his son and company chief executive Ren Letian to take over as executive chairman of the group, the shipbuilder said in a bourse filing on Tuesday.

US Treasury Secretary Steven Mnuchin said on Tuesday he is asking Congress to reinforce a new small business loan programme that has been overwhelmed with applications.

Saudi Arabia, Russia and allied oil producers will agree to deep cuts to their crude output at talks this week only if the United States and several others join in with curbs to help prop up prices that have been hammered by the coronavirus crisis.

Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR

RESEARCH VIDEOS

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Market Outlook: (PSR) City Development Limited, CapitaLand Limited, Dasin, EC World, REITS & Banking Monthly, SG Weekly & Technicals

Date: 16 March 2020

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